Janus Henderson Group PLC lifted its stake in Summit Materials Inc (NYSE:SUM) by 17.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,862,146 shares of the construction company’s stock after purchasing an additional 869,353 shares during the period. Janus Henderson Group PLC owned about 5.26% of Summit Materials worth $153,881,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Summit Materials in the 1st quarter valued at approximately $123,000. Bank of Montreal Can raised its position in Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after buying an additional 2,025 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Summit Materials during the 1st quarter worth approximately $244,000. Quadrature Capital Ltd purchased a new position in Summit Materials during the 1st quarter worth approximately $254,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Summit Materials during the 2nd quarter worth approximately $312,000.
NYSE SUM traded up $0.14 during trading on Friday, hitting $19.04. The stock had a trading volume of 4,520,465 shares, compared to its average volume of 2,357,570. The company has a market cap of $2.11 billion, a P/E ratio of 20.47, a P/E/G ratio of 1.80 and a beta of 1.50. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.07 and a quick ratio of 1.26. Summit Materials Inc has a twelve month low of $18.47 and a twelve month high of $34.06.
In related news, CEO Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 3rd. The stock was sold at an average price of $26.27, for a total value of $328,375.00. Following the completion of the transaction, the chief executive officer now directly owns 123,102 shares of the company’s stock, valued at $3,233,889.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Karl Watson purchased 35,500 shares of the stock in a transaction that occurred on Friday, August 3rd. The stock was acquired at an average cost of $21.15 per share, with a total value of $750,825.00. Following the completion of the acquisition, the chief operating officer now directly owns 23,700 shares of the company’s stock, valued at $501,255. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 37,500 shares of company stock valued at $999,875. Corporate insiders own 1.50% of the company’s stock.
A number of brokerages have recently commented on SUM. Citigroup dropped their price objective on shares of Summit Materials from $38.00 to $37.00 and set a “$25.50” rating on the stock in a research note on Monday, July 23rd. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Friday, July 27th. Stephens set a $24.00 price target on shares of Summit Materials and gave the company a “buy” rating in a research note on Thursday, August 2nd. Royal Bank of Canada lowered their target price on shares of Summit Materials to $27.00 and set an “outperform” rating on the stock in a research note on Thursday, August 2nd. Finally, Barclays reduced their price target on Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Summit Materials presently has a consensus rating of “Buy” and a consensus target price of $30.41.
Summit Materials Company Profile
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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